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William J Mcleod

William Mcleod’s Answers

103 total


  • How should I handle my brother-in-law's SOS request to take over his debt-ridden business.?

    The subject is about a Corporation. My brother-in-law has a gas station that was devastated by a flood/storm a few years back. He has taken a loan to rehab the business. Since the economic downturn, the business is facing hard time meeting the loa...

    William’s Answer

    If I am reading this correctly, it seems as if your brother in law's attorney has suggested that he "sell" the company to a "trusted party" so he can still basically run the business while buying time from creditors. And your brother in law knows he might have to file personal bankruptcy as well. This sounds like a whole of bunch of trouble just waiting to happen.

    The advice your brother in law may be getting is good for him (although that's arguable, at best), but it's not likely to be good for you. If he files for bankruptcy protection, and the sale of the business smells of a fraudulent transfer, he's not only risking his own bankruptcy rights, you're at risk for being sued. This could be suits brought by bankruptcy trustees - or by creditors. The costs of defending those suits will inflict significant financial harm on you and your family - and if his business is really failing, what makes you think a change in ownership is really going to turn things around?

    If his business is really sinking, do you really want to go down with him? While I understand your wanting to help out a member of the family, sometimes "NOT helping him" really is the best answer - you should think twice about ruling that option out.

    Without knowing more and giving you a thorough analysis based on all facts, consideration and financial information, that IS my answer.

    Bill McLeod

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  • After 341 meeting

    How long does it take after the 341 meeting for me to get discharged? I had my meeting nov 30

    William’s Answer

    Actually, you will get your discharge (1) when you complete your course in Debtor Education and file your certificate of completion with the Bankruptcy Court; and (2) when the deadline to object to discharge/dischargeability has passed. The deadline for that will appear on the docket - although creditors and trustees have been known to seek and obtain extensions if the facts warrant it.

    If both of these things have occurred (certificate filed and deadline expired), the discharge should enter within a reasonably short time after that. If it does not, speak to an attorney - or give our office a call and perhaps we can provide you some further guidance.

    Bill McLeod
    McLeod Law Offices, PC
    Boston

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  • Oral agreement in civil court

    I am being sued by a women for $25,000 she says we have an oral agreement i never made such an agreement i used to do all her errand and take her to appoitments etc she would write checks for me to cash for her but it wasn't a loan the money was f...

    William’s Answer

    There's not a lot of facts here to go on. Clearly, while you say there was never an agreement, the plaintiff in this matter does not agree. That disagreement is likely what gives rise to the law suit.

    I recommend taking the time and speaking with an attorney who can get all of the facts and details. Gather your documents and other evidence that you believe proves your defense, and contact a lawyer before the deadline to respond to the complaint expires.

    Good luck,

    Bill Mcleod

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  • How do you stop an auction of your primary residence because of a lein for 20,000.00 from a creditor?

    ...

    William’s Answer

    The only way you can stop an auction on your residence legally is by either getting an order from state court (such as an injunction), or by a bankruptcy petition. Both require the services of a competent attorney. A bankruptcy petition is not something you should tackle yourself - and you're going to need to speak with an attorney to learn what options you have and how you can get back on track.

    Don't delay.

    Good luck,

    Bill McLeod,
    McLeod Law Offices, PC
    Boston

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  • Should i sign an agr for judgement?

    the attorney representing the creditor has told me on the phone that they will settle at $13K debt for $8K paid in 12mos. they said they won't send me a settlement letter until i sign the agreement for judgement which is for $13K. When asked wh...

    William’s Answer

    If you sign an agreement for judgment for $13K, you will have a judgment against you for $13K. I don't care what you were told as to what the creditor would accept. The agreement for judgment and your signature speaks for itself.

    It is entirely possible that this "offer" to accept $8K over 12 months is a carrot which will entice you to sign off on the agreement for judgment. The agreement for judgment is the "stick." Without anything in writing - or any other agreement confirming this "offer" and your acceptance of it, I think there's a really good change that you're going to get hit with that stick.

    Speak with an attorney about your financial problems, protecting your rights, and getting back on track.

    Good luck,

    Bill McLeod
    McLeod Law Offices, PC
    Boston

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  • How do I get it back legally?

    I let my brother borrow $20,500 over 2 years ago. I have a signed document from him and his wife stating they would pay me back in installments but have only paid me $400 in the past 2 years. How can I get my money back?

    William’s Answer

    The only legal way to enforce your rights is to file suit against your brother and his wife (assuming they are both liable for the obligation). Assuming your brother resides in Massachusetts, you can bring suit here, however, if he does not, you're likely going to need to bring suit in the state that he resides in. Also, in light of the amount - you should consult with an attorney.

    Good luck,

    Bill McLeod

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  • Wage Garnishment

    I have been in a debt settlement program, which I am going to be cancelling because it doesn't seem to be helping me. I am being sued by my biggest creditor, Bank of America, and I have a court date Dec 3rd. I am very worried how it works when I...

    William’s Answer

    Sadly, this is another perfect example why debt settlement firms are not helping people - but actually hurting them.

    First, stop all payments - which I am willing to bet are by automatic withdrawal from your checking account. Next, meet with an attorney. Like it or not, you're probably looking at a bankruptcy filing - because unless you can afford a wage garnishment and pay your other obligations, this is only going to get worse.

    Contact an attorney now. I've also included a link to a blog article I wrote a while back about debt settlement programs.

    Good luck,

    Bill McLeod
    McLeod Law Offices, PC

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  • Can Lien Stripping be done on a first mortgage?

    My mortgage is 300,000 but my house is only worth $260,000. Can lien stripping be done on the $40,000 difference?

    William’s Answer

    No can do. Section 1322(b)(2) of the Bankruptcy Code prohibits modification of loans secured solely by the principal residence - but read what I said here. If the loan secures something other than your principal residence, such as another piece of real estate, than the anti-modification provisions of 1322 do not apply. Check your mortgage documents.

    In addition, if this is a multifamily home, than 1322 will also not apply - but the note and mortgage must have been for a multi-family home. So if you have added an apartment (such as in the basement), you are not necessarily going to be able to modify this loan.

    Talk to a bankruptcy lawyer - let them review the documents - and let them give you a better opinion that you can actually rely on.

    Good luck!

    Bill McLeod

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  • In a Ch 13, can I rent out house to get more income to fund plan?

    I am unemployed and because of alot of tax debt and mortgage arrears I have a large monthly payment plan. I was thinking of renting out my house to bring in more income so I can fund the plan. Is this okay or is my house now "Investment Property"?

    William’s Answer

    It's difficult to answer questions like this in a bubble - i.e., without knowing everything about your financial situation and the status of your case.

    If have an attorney in chapter 13, you should talk about your options which might include suspending payments for a period of time through modification, or perhaps reducing your payments until you are reemployed. Again, I cannot definitely say that these options are available to you - because I know very little about the details of your case. And in bankruptcy, details are important.

    If you do not have an attorney, contact the Pro Se Law Clerk at the Bankruptcy Court who can direct you to a variety of legal resources who may be able to offer assistance.

    Good luck,

    Bill McLeod

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  • How to collect overdue condo fees

    2 owners are in debt on their fees by 5,000

    William’s Answer

    This you should get a lawyer for because the condo association has specific rights that it can invoke, including foreclosure. This is something you should speak with an attorney who can assist you through the process. If the homeowner ends up in bankruptcy, be sure you retain experienced bankruptcy counsel who can guide you through the process and protect the association's rights.

    You should not wait long to do this, since continued nonpayment may have a negative impact on the overall fiscal health of the association.

    Good luck,

    Bill McLeod

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